College Funding: Discussing Financial Aid & Scholarship Opportunities With Ninth and Tenth Graders

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Starting discussions about financial aid and scholarships with ninth and tenth graders helps set expectations for college funding. Early involvement in academics and extracurricular activities can increase eligibility for scholarships. This article also suggests creating a scholarship search plan and utilizing school resources like counselors to guide the process, making college funding less daunting.

By SAGE Scholars

Tags: engineering, financial-aid, parent-guardian, sage-scholars-program, scholarships, stem-fields

College Funding: Discussing Financial Aid & Scholarship Opportunities With Ninth and Tenth Graders

Many parents know the importance of providing their child with a quality education. As a parent, you hope that your child receives the kind of education that sets them up for long-term success and security. The college preparation process, however, often brings up concerns regarding cost and funding. With sticker prices at some schools approaching 100K a semester, it seems that the cost — the potential debt — may outweigh the benefits. Starting the college funding conversation early, especially when your child enters high school, can make a significant difference while easing worries and confusion. Discussing financial aid and scholarship opportunities now helps you to set a strong foundation for your child's future and demystify an intimidating process.

The Importance of Early Planning

Ninth graders have reached a crucial point in their college preparation journey. Beginning high school invites conversations about discussing college and its associated costs because:

Academic Preparation: Scholarships and financial aid often require a strong academic record. Starting conversations now ensures that your child understands the importance of their grades and extracurricular involvement in potentially funding their college education.
Extracurricular Activities: Many scholarships consider a student's participation in sports, arts, or community service. Engaging in these activities early can build a robust portfolio. Read more on selecting appropriate extracurriculars for your ninth grader, here.
Family Financial Planning: Discussing costs early allows your family to measure expectations and plan and save more effectively to potentially lessen the future financial burden.

Understanding Financial Aid

Financial aid refers to various forms of monetary assistance provided to students to help cover the cost of college. Financial aid includes:

Grants: Often based on financial need, these do not need to be repaid. The federal Pell Grant, for example, provides students money based on financial need. The average Pell Grant award is 4,491.00, with 51% of the grants going to students whose families earn less than 20,000 annually.
Scholarships: These are usually merit-based and do not require repayment. They can come from colleges, private organizations, or community groups. SAGE Scholars students, for example, can earn hard dollar scholarships through the SAGE Scholars Education Foundation. Other popular scholarships for high schoolers include the Gates Millennium Scholarship, where awardees earn full undergraduate college tuition and continuing education tuition. The Posse Foundation Scholarship also awards full tuition.
Loans: Loans must be repaid with interest. Federal student loans often have lower interest rates and better repayment terms than private loans.
Work-Study Programs: These programs provide part-time jobs for students with financial need, helping them earn money to pay for college. To learn how to select the best work study job for you, read about the types of programs and requirements.

Other Types of Scholarships

Scholarships come in many forms and understanding the types can help your ninth grader align their efforts with their goals:

Sports Scholarships: Given to students with exceptional talent in sports. Recruiting for sports scholarships can begin as early as eighth grade.
Artistic Scholarships: For students excelling in music, dance, theater, or visual arts.
Community Service Scholarships: Awarded for significant community involvement and service. A popular national example of a community service scholarship includes the Prudential Spirit of Community Award.
Subject-Specific Scholarships: Awarded to students who plan to pursue a particular academic discipline, such as engineering, mathematics, or literature. A popular STEM-specific scholarship is The Barry Goldwater scholarship awarding 7500 per semester for students pursuing natural science, mathematics, and engineering.
Demographic Scholarships: Designed for specific groups of students based on race, ethnicity, gender, or other characteristics.
Need-Based Scholarships: These consider the family's financial situation and are often aimed at closing the equity gap by helping students from low-income backgrounds.

Steps to Take in Ninth Grade

While graduation may seem far off, there are several steps you can take now with your ninth grader to prepare for college costs:

Encourage Academic Excellence: Emphasize the importance of good grades. Colleges and scholarship committees look for consistent academic performance. Make sure to help your ninth grader select courses that sufficiently challenge them.
Get Involved in Extracurricular Activities: Many scholarships consider a student's participation in sports, arts, or community service. Engaging in these activities early can build a robust portfolio. Read more on selecting appropriate extracurriculars for your ninth grader, here.
Discuss Financial Responsibility: Teach your child basic financial literacy, such as budgeting and saving. This foundation will be useful when they manage their own finances and prepare for budgeting in college.

Creating a Scholarship Search Plan

Research Early and Stay Organized: It's never too early to begin searching for scholarships. Many scholarships are available even to students in their early high school years. Some will require letters of recommendation or a school counselor's nomination. Scholarships may also have deadlines during a child's junior year. It's important to stay organized and keep in mind your child's capacity to apply.
Online Resources: Many websites and databases exist to help you and your child search for scholarships. Popular websites include Fastweb, Scholarships.com, and the College Board's Scholarship Search and are invaluable resources. Remember to check these websites consistently, as many scholarships are added over the course of the academic year. Consider local resources, like your public library, when beginning your scholarship search, too.
School Counselor Consultation: Meet with your child's school counselor to discuss scholarship opportunities and get tailored advice based on your child's interests and achievements. Do your best to maintain consistent contact with your child's school counselor, whether over email, phone, or video call. They will be instrumental in the success of your child's applications.

Understanding the FAFSA

The Free Application for Federal Student Aid (FAFSA) is a critical component of the financial aid process. In 2023, the FAFSA underwent significant changes causing confusion in college admissions departments across the country. To learn more about the FAFSA in depth, we encourage you to explore our Newsroom's three part series. For now, here's what you need to know:

Eligibility: The FAFSA determines your child's eligibility for federal aid, including grants, loans, and work-study programs. Many states and colleges also use the FAFSA for their aid programs.
Timing: The FAFSA becomes available on October 1st of each year. Your ninth grader won't complete it soon, but understanding it now helps to eliminate confusion later on.
Information Required: You'll need to provide details about your family's financial situation and history. Starting to understand these details early will simplify the process down the line.

Talking About College Costs

It's important to keep an ongoing and open dialogue about the cost of college. Your ninth grader may not see it as important now, but normalizing the topic can help them and you to better approach these conversations as they narrow down their prospective college lists during their junior and senior years. Here's how to approach conversations about college cost:

Be Honest: Share the reality of college expenses, including tuition, fees, books, and costs of living/boarding fees. Most students won't consider that the cost of college, especially if they move out of state, entails far more than the already-expensive tuition price. Transparency helps set realistic expectations and eliminate surprises.
Explain Different College Types: Discuss how costs can vary between community colleges, state universities, and private institutions. Each offers different financial opportunities. Discuss the quality of education that each offers and consider the quality of instruction, career opportunities, and alumni network that you're paying for.
Introduce Cost-Saving Strategies: Talk about dual enrollment programs, Advanced Placement (AP) courses, and community college transfers that can reduce overall costs.

Setting Savings Goals

Starting to save for college when your child is in the ninth grade allows more time for your savings to grow. For members of the SAGE Scholars Tuition Rewards Program, parents and students can significantly reduce the cost of college at our over 450 private member institutions. Here are some other effective strategies:

529 College Savings Plans: These are tax-advantaged savings plans designed to encourage saving for future college costs. With your 529 Savings Plan, you can earn 500 bonus Tuition Rewards Points through SAGE Scholars. Contributions grow tax-free, and withdrawals for qualified education expenses are also free from federal tax. If you have a 529 account and aren't an enrolled Tuition Rewards member you can register here.
Automatic Transfers: Set up automatic transfers to your savings account or 529 plan. Small amounts saved regularly can accumulate significantly over time.
Involve Your Child: Encourage your child to contribute to their savings through part-time jobs, summer work, or even by using a portion of their allowance. Though they likely will not be able to save enough to cover their Tuition, they can make a dent in living and book expenses.

Navigating the College Admissions Timeline

Understanding the college admissions process is crucial for both parents and students. Familiarize yourselves with the milestones:

Freshman and Sophomore Years: Focus on strong academic performance, involvement in extracurricular activities, and building a preliminary list of potential colleges. Our tenth grade college preparation timeline provides parents with additional resources.
Junior Year: This is a pivotal year for college preparation. In addition to planning and preparing for standardized testing, students should seriously begin to narrow down their prospective college list. During the summer between junior and senior year, your child should begin to draft their college essays. Our eleventh grade college preparation timeline provides parents with additional resources.
Senior Year: Apply for colleges during the Fall (keeping in mind regular decision and early decision deadlines) and complete the FAFSA as soon as possible. Continue searching and applying for scholarships. Our twelfth grade college preparation timeline provides parents with additional resources.

Encouraging Adaptability

As your ninth grader embarks on this journey, it's essential to celebrate and encourage qualities like resilience and adaptability. Building these traits will help them navigate the challenges of high school and the college admissions process with greater ease.

Dealing with Rejection: Not every application will be successful. Teach your child to view setbacks as opportunities for growth and learning. When it comes to their college decision, remind them that one decision and institution cannot make or break the plans they have for themselves or their goals.
Adapting to Change: Encourage flexibility and a positive attitude toward change, which are critical skills in both academic and personal life. Throughout your child's ninth grade school year, they will face many changes in their social, emotional, and physical lives. Helping them to stay grounded and reminding them that they are in control of themselves and their decisions will help your child to resist comparison.

Discussing college funding with your ninth grader might seem premature, but it is an investment (pun intended) in their success and future. College funding is more than just conversations about money, it will also involve open communication about grades, extracurriculars, and other avenues that can help your child stand out and earn scholarships.

Starting these conversations now will empower your child with the knowledge and skills needed to make informed decisions about their education and, ultimately, financial future. Encouraging academic excellence, involvement in extracurricular activities, and developing a strong sense of financial responsibility significantly eases the transition to college and its associated tuition and cost of living expenses. Remember, it's never too early! Taking these steps now helps you to pave the way for a more manageable and successful college funding journey for your ninth grader and family.

SAGE Scholars

At SAGE Scholars, we deeply believe in the value and quality of private higher education. Our mission is to provide access to affordable college opportunities while bringing together families, colleges & universities, and benefit providers to create college funding solutions. Since 1995, SAGE Scholars has bridged the gap between students who want a quality private college education and colleges that will work closely with member families to ensure affordability - all at no cost to the families.

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